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Cote d'Ivoire vs. Guinea

Economy

Cote d'IvoireGuinea
Economy - overview

For the last 5 years Cote d'Ivoire's growth rate has been among the highest in the world. Cote d'Ivoire is heavily dependent on agriculture and related activities, which engage roughly two-thirds of the population. Cote d'Ivoire is the world's largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products and to climatic conditions. Cocoa, oil, and coffee are the country's top export revenue earners, but the country has targeted agricultural processing of cocoa, cashews, mangoes, and other commodities as a high priority. Mining gold and exporting electricity are growing industries outside agriculture.

Following the end of more than a decade of civil conflict in 2011, Cote d'Ivoire has experienced a boom in foreign investment and economic growth. In June 2012, the IMF and the World Bank announced $4.4 billion in debt relief for Cote d'Ivoire under the Highly Indebted Poor Countries Initiative.

Guinea is a poor country of approximately 12.9 million people in 2016 that possesses the world's largest reserves of bauxite and largest untapped high-grade iron ore reserves, as well as gold and diamonds. In addition, Guinea has fertile soil, ample rainfall, and is the source of several West African rivers, including the Senegal, Niger, and Gambia. Guinea's hydro potential is enormous and the country could be a major exporter of electricity. The country also has tremendous agriculture potential. Gold, bauxite, and diamonds are Guinea's main exports. International investors have shown interest in Guinea's unexplored mineral reserves, which have the potential to propel Guinea's future growth.

Following the death of long-term President Lansana CONTE in 2008 and the coup that followed, international donors, including the G-8, the IMF, and the World Bank, significantly curtailed their development programs in Guinea. However, the IMF approved a 3-year Extended Credit Facility arrangement in 2012, following the December 2010 presidential elections. In September 2012, Guinea achieved Heavily Indebted Poor Countries completion point status. Future access to international assistance and investment will depend on the government's ability to be transparent, combat corruption, reform its banking system, improve its business environment, and build infrastructure. In April 2013, the government amended its mining code to reduce taxes and royalties. In 2014, Guinea complied with requirements of the Extractive Industries Transparency Initiative by publishing its mining contracts. Guinea completed its program with the IMF in October 2016 even though some targeted reforms have been delayed. Currently Guinea is negotiating a new IMF program which will be based on Guinea's new five-year economic plan, focusing on the development of higher value-added products, including from the agro-business sector and development of the rural economy.

Political instability, a reintroduction of the Ebola virus epidemic, low international commodity prices, and an enduring legacy of corruption, inefficiency, and lack of government transparency are factors that could impact Guinea's future growth. Economic recovery will be a long process while the government adjusts to lower inflows of international donor aid following the surge of Ebola-related emergency support. Ebola stalled promising economic growth in the 2014-15 period and impeded several projects, such as offshore oil exploration and the Simandou iron ore project. The economy, however, grew by 6.6% in 2016 and 6.7% in 2017, mainly due to growth from bauxite mining and thermal energy generation as well as the resiliency of the agricultural sector. The 240-megawatt Kaleta Dam, inaugurated in September 2015, has expanded access to electricity for residents of Conakry. An combined with fears of Ebola virus, continue to undermine Guinea's economic viability.

Guinea's iron ore industry took a hit in 2016 when investors in the Simandou iron ore project announced plans to divest from the project. In 2017, agriculture output and public investment boosted economic growth, while the mining sector continued to play a prominent role in economic performance.

Successive governments have failed to address the country's crumbling infrastructure. Guinea suffers from chronic electricity shortages; poor roads, rail lines and bridges; and a lack of access to clean water - all of which continue to plague economic development. The present government, led by President Alpha CONDE, is working to create an environment to attract foreign investment and hopes to have greater participation from western countries and firms in Guinea's economic development.

GDP (purchasing power parity)$134.048 billion (2019 est.)

$126.185 billion (2018 est.)

$118.051 billion (2017 est.)

note: data are in 2017 dollars
$32.72 billion (2019 est.)

$30.985 billion (2018 est.)

$29.176 billion (2017 est.)

note: data are in 2010 dollars
GDP - real growth rate7.8% (2017 est.)

8.3% (2016 est.)

8.8% (2015 est.)
8.2% (2017 est.)

10.5% (2016 est.)

3.8% (2015 est.)
GDP - per capita (PPP)$5,213 (2019 est.)

$5,033 (2018 est.)

$4,831 (2017 est.)

note: data are in 2017 dollars
$2,562 (2019 est.)

$2,496 (2018 est.)

$2,418 (2017 est.)

note: data are in 2010 dollars
GDP - composition by sectoragriculture: 20.1% (2017 est.)

industry: 26.6% (2017 est.)

services: 53.3% (2017 est.)
agriculture: 19.8% (2017 est.)

industry: 32.1% (2017 est.)

services: 48.1% (2017 est.)
Population below poverty line39.5% (2018 est.)43.7% (2018 est.)
Household income or consumption by percentage sharelowest 10%: 2.2%

highest 10%: 31.8% (2008)
lowest 10%: 2.7%

highest 10%: 30.3% (2007)
Inflation rate (consumer prices)-1.1% (2019 est.)

0.3% (2018 est.)

0.6% (2017 est.)
9.4% (2019 est.)

9.8% (2018 est.)

8.9% (2017 est.)
Labor force8.747 million (2017 est.)5.558 million (2017 est.)
Labor force - by occupationagriculture: 68% (2007 est.)agriculture: 76%

industry: 24% (2006 est.)
Unemployment rate9.4% (2013 est.)2.7% (2017 est.)

2.8% (2016 est.)
Distribution of family income - Gini index41.5 (2015 est.)

36.7 (1995)
33.7 (2012 est.)

40.3 (1994)
Budgetrevenues: 7.749 billion (2017 est.)

expenditures: 9.464 billion (2017 est.)
revenues: 1.7 billion (2017 est.)

expenditures: 1.748 billion (2017 est.)
Industriesfoodstuffs, beverages; wood products, oil refining, gold mining, truck and bus assembly, textiles, fertilizer, building materials, electricitybauxite, gold, diamonds, iron ore; light manufacturing, agricultural processing
Industrial production growth rate4.2% (2017 est.)11% (2017 est.)
Agriculture - productsyams, cassava, cocoa, oil palm fruit, sugar cane, rice, plantains, maize, cashew nuts, rubberrice, cassava, groundnuts, maize, oil palm fruit, fonio, plantains, sugar cane, sweet potatoes, vegetables
Exports$16.326 billion (2018 est.)

$16.274 billion (2017 est.)
$5.041 billion (2019 est.)

$5.073 billion (2018 est.)

$4.733 billion (2017 est.)
Exports - commoditiescocoa beans, gold, rubber, refined petroleum, crude petroleum (2019)aluminum, gold, bauxite, diamonds, fish, cashews (2019)
Exports - partnersNetherlands 10%, United States 6%, France 6%, Spain 5%, Malaysia 5%, Switzerland 5%, Germany 5%, Vietnam 5% (2019)United Arab Emirates 39%, China 36%, India 6% (2019)
Imports$14.248 billion (2018 est.)

$13.486 billion (2017 est.)
$7.924 billion (2019 est.)

$8.76 billion (2018 est.)

$7.317 billion (2017 est.)
Imports - commoditiescrude petroleum, rice, frozen fish, refined petroleum, packaged medicines (2019)rice, refined petroleum, packaged medicines, delivery trucks, cars (2019)
Imports - partnersChina 18%, Nigeria 13%, France 11% (2019)China 39%, India 8%, Netherlands 6%, Belgium 5%, United Arab Emirates 5% (2019)
Debt - external$13.07 billion (31 December 2017 est.)

$11.02 billion (31 December 2016 est.)
$1.458 billion (31 December 2017 est.)

$1.462 billion (31 December 2016 est.)
Exchange ratesCommunaute Financiere Africaine francs (XOF) per US dollar -

594.3 (2017 est.)

593.01 (2016 est.)

593.01 (2015 est.)

591.45 (2014 est.)

494.42 (2013 est.)
Guinean francs (GNF) per US dollar -

9,953 (2020 est.)

9,542.5 (2019 est.)

9,092 (2018 est.)

7,485.5 (2014 est.)

7,014.1 (2013 est.)
Fiscal yearcalendar yearcalendar year
Public debt47% of GDP (2017 est.)

47% of GDP (2016 est.)
37.9% of GDP (2017 est.)

41.8% of GDP (2016 est.)
Reserves of foreign exchange and gold$6.257 billion (31 December 2017 est.)

$4.935 billion (31 December 2016 est.)
$331.8 million (31 December 2017 est.)

$383.4 million (31 December 2016 est.)
Current Account Balance-$1.86 billion (2017 est.)

-$414 million (2016 est.)
-$705 million (2017 est.)

-$2.705 billion (2016 est.)
GDP (official exchange rate)$42.498 billion (2018 est.)$13.55 billion (2019 est.)
Ease of Doing Business Index scoresOverall score: 60.7 (2020)

Starting a Business score: 93.7 (2020)

Trading score: 52.4 (2020)

Enforcement score: 57.6 (2020)
Overall score: 49.4 (2020)

Starting a Business score: 84.5 (2020)

Trading score: 47.8 (2020)

Enforcement score: 53.9 (2020)
Taxes and other revenues19.1% (of GDP) (2017 est.)16.6% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-4.2% (of GDP) (2017 est.)-0.5% (of GDP) (2017 est.)
Unemployment, youth ages 15-24total: 5.5%

male: 4.7%

female: 6.5% (2017 est.)
total: 1%

male: 1.5%

female: 0.6% (2012 est.)
GDP - composition, by end usehousehold consumption: 61.7% (2017 est.)

government consumption: 14.9% (2017 est.)

investment in fixed capital: 22.4% (2017 est.)

investment in inventories: 0.3% (2017 est.)

exports of goods and services: 30.8% (2017 est.)

imports of goods and services: -30.1% (2017 est.)
household consumption: 80.8% (2017 est.)

government consumption: 6.6% (2017 est.)

investment in fixed capital: 9.1% (2017 est.)

investment in inventories: 18.5% (2017 est.)

exports of goods and services: 21.9% (2017 est.)

imports of goods and services: -36.9% (2017 est.)
Gross national saving15.7% of GDP (2018 est.)

17.4% of GDP (2017 est.)

19.5% of GDP (2015 est.)
4.3% of GDP (2019 est.)

2.7% of GDP (2018 est.)

11.4% of GDP (2017 est.)

Source: CIA Factbook